I find it highly irregular that both Poramin Insom and Gary Le have been partners for a long time and then suddenly break up without explanation to the investing public. I would like to invest in Zcoin but your past actions and excuses seems too much. Insom is a serial developer with many failed/failing crypto projects, while Gary Le is a confessed prankster which speaks volumes about his inclinations.
is it true that this was 3 previous failed projects before it was renamed zcoin? and thats why the founder left? and still holds a founders wallet? with a huge stockpile of XZC, how do we know he is not going to dump?
no development for weeks.... no updates.. no formal roadmap..
I wouldn't call it failed.
Moneta/Zcoin are the same project just that Moneta didn't 'launch' and when it did it was rebranded as Zcoin.
Zerovert was abandoned due to lack of interest from the Vertcoin community (it was meant to be part of it) and Poramin's problem that he couldn't open source it without investors as he didn't want someone just stealing his hard work.
Gary didn't 'leave' he was replaced. You can trawl back a bit to see what happened as I rather not repeat
No development update for weeks is also not true with a wallet loading fix which is pretty significant less than week ago. You can follow us on Slack and Twitter to keep abreast of updates.
They scammed very bad. They could really get the chance to became rich one and for all, but they acted very bad, starting selling funds right aftert bittrex list writing they were sent to anon bounties.
Very bad act. Now they need to start again with a new project, but theyr name are well written in my scam walls "poramin and gary". doesn't matter who more and who less. After vertcoin,moneta,now zcoin.
Take care of your money next time. Dev with a face doesnt' mean "security".
One of the most biggest scam of 2016.
Yup, very consistent list of failures. Dont forget ZeroVert also.
https://bitcointalk.org/index.php?topic=846471.0Gary Le is no longer a part of the Zcoin project.
First of all, we have posted an
explanation to the investing public. We just don't want to drag on this drama longer than it has to especially since we are past that. Gary's flaws are known with all the stuff you linked. For those of you who have had dealings with Poramin on Slack, you'll get the feeling why Poramin put up with Gary for so long even when he was basically taken for a ride. He is trusting by nature and just really wants to code.
Without getting into the dramatic details, this mainly arose from a few key factors:
a) lack of transparency to Poramin on how the initial investor funds were utilised and how much was left to fund Poramin's dev (with Poramin doing all the coding work). The vast majority of the initial investors' funds (>90%) remain with Gary so if anyone thinks he was forced out unfairly should consider this.
b) lack of involvement from Gary on his duties with very little disclosure to the team as to how he was working to promote Zcoin despite numerous pushes to help out.
c) the dumping of Gary's wallet and the lack of spending on Zcoin marketing/dev and building the team. This lead to many good people who wanted to work or contribute help to the coin to lose interest when they were not remunerated fairly for their efforts.
d) questionable behavior in a number of specific instances that did not tally with Gary's assertions. I will refrain from going into details. You can dig them by yourself from Slack and BCT.
I believe this is detailed enough unless you want tons of chat logs and digging up of history but these can all be attested with anyone who was involved with the Zcoin project and Gary. You can even see the BCT replies on this.
Alleged Dumping on BittrexSecondly the dumping on Bittrex was only done by Gary and can be seen on the public chain.
Please kindly look at the following wallets which are the current wallets in the founder's reward
31,640.5 XZC Poramin's wallet:
https://chainz.cryptoid.info/xzc/address.dws?a1kCCGddf5pMXSipLVD9hBG2MGGVNaJ15U.htm32,202.0 XZC Investor 1:
https://chainz.cryptoid.info/xzc/address.dws?aCAgTPgtYcA4EysU4UKC86EQd5cTtHtCcr.htm 26,294.0 XZC Investor 2:
https://chainz.cryptoid.info/xzc/address.dws?aQ18FBVFtnueucZKeVg4srhmzbpAeb1KoN.htm13,498.0 XZC Bounty wallet:
https://chainz.cryptoid.info/xzc/address.dws?a1HwTdCmQV3NspP2QqCGpehoFpi8NY4Zg3.htm4204 XZC New Investor 3:
https://chainz.cryptoid.info/xzc/address.dws?aHu897ivzmeFuLNB6956X6gyGeVNHUBRgD.htm replacing Gary:
https://chainz.cryptoid.info/xzc/address.dws?aLrg41sXbXZc5MyEj7dts8upZKSAtJmRDR.htm (totally emptied out).
32,202 XZC is what you would get if you have not touched it all so if you take a look, the vast majority of funds are there.
This means that Poramin has only transferred out 561.5 XZC
Investor 2 has transferred out 5908 XZC with the last transfer on the 15 October 2016.
Investor 1 and 3 have not transferred out any of their Zcoin's founder rewards. Note that Investor 3 is new since he replaced Gary hence the much smaller balance.
Poramin's Previous ProjectsAll of these were previously explained but of course you can draw whatever conclusions you want.
https://github.com/zcoinofficial/zcoin/wiki/FUDTL:DR Version
Vertcoin: In 2014 Poramin had two devs with him, Boris and Erik and Poramin took a back seat especially when he was doing his masters in John Hopkins University (
https://isi.jhu.edu/student-projects-completed-in-2014-2015/)
Boris and Erik was replaced by Adam (
https://github.com/a432511) and metalicjames (
https://github.com/metalicjames) but James went to study at MIT and Adam was focusing on his own startup. By that time, Poramin was already involved with Moneta/Zcoin with obligations to his investors.
He still hopes to return to develop for Vertcoin with EVM.
James continues to do maintenance releases for Vertcoin (
https://github.com/vertcoin/vertcoin/releases)
Note that Vertcoin's marketcap is still bigger than Zcoin's
Zerovert: Closed source, was started to be part of the Vertcoin ecosystem as a merged mine coin but lack of interest from Vertcoin community, scaling issues and no funding led to it being abandoned. There were certain difficult technical issues also that also made further development problematic so especially when support was not there, not much motivation to carry on. It was kept closed source as since there was no outside funding and so much work has been put into it, Poramin didn't want to open source it either and let someone else take all his hard work but that also meant that his work could not be audited so there was a lot of questions as to whether the Zerocoin implementation was truly working.
Claims that they were dumped are unfounded as evidenced by the blockchain:
https://github.com/zcoinofficial/zcoin/wiki/FUDAlso see this:
https://www.reddit.com/r/vertcoin/comments/2ljrfq/why_i_think_zerovert_will_help_vertcoin_more_than/The_Hox 1 point 2 years ago
I said it could be a bad idea. We won't know until we've seen it in action and tried to break it.
But whether or not it works is beside the point. I haven't seen any real desire from the vertcoin community to add full anonymity. I think it would be irresponsible for a dev to implement such experimental code into a coin that the community hasn't shown any desire for.
Moneta/Zcoin: Same project. Moneta was launched as Zcoin. Moneta was NOT a separate project.
These are the only cryptocurrency projects Poramin has been involved in.
Now could these projects have been handled better? For sure with the benefit of hindsight and Poramin's own admission is that communication is one of his weak points which is why I'm here to assist. Should Poramin have done more due diligence on Gary? Well take note that Gary also managed to convince the investors and Thiel to invest in him...
